Petrol and high-speed diesel (HSD) prices are poised to increase by up to 78 paisa per litre from November 1st. This anticipated hike comes ahead of the scheduled review of petroleum product prices on October 30.
Pakistan imposes one of the highest tax rates on petroleum products in the region, with a combined tax, duty, and petroleum levy (PL) of Rs90 per litre.
The average global price of petrol has dropped to $76 per barrel, down from $77.5, while HSD is now at $84 per barrel, down from $86.5. Both petrol and HSD prices fell by approximately $1.5 and $2.5 per barrel respectively over the past 15 days. The fall in global oil consumption is mainly due to a rise in electronic vehicles.
According to an estimate, the ex-depot price of petrol is expected to rise from Rs247.03 to Rs247.81 per litre while HSD rate may go up from Rs251.29 to Rs251.55 per litre. However, the rates of kerosene oil may come down by Rs1.42 per litre from Rs163.02 to Rs161.60 per litre and light diesel oil (LDO) by Rs3.32 per litre from Rs150 to Rs146.80 per litre with effect from November 1.
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